A majority of shareholders voted in favor of the acquisition by Berkshire Hathaway and 3G Capital.

BakingBusiness.com,
4/30/2013

by Staff

PITTSBURGH — During an April 30 meeting, a majority of H.J. Heinz Co. shareholders voted in favor of the February-announced acquisition of Heinz by an investment consortium comprised of Berkshire Hathaway and 3G Capital.

“The board and I want to thank our shareholders for approving this historic merger agreement,” said William R. Johnson, chairman, president and chief executive officer of Heinz. “When this transaction was announced on Feb. 14, I said that it would provide tremendous value to Heinz shareholders. With today’s convincing vote, Heinz shareholders have confirmed their support for this extraordinary transaction and its record valuation of Heinz.”

The transaction, valued at $28 billion, including the assumption of outstanding debt, is expected to close in the second or third quarter of 2013. At the closing of the transaction, shareholders will receive $72.50 in cash for each share of common stock they own.